Port Authority releases details of parking lease

The Port of Greater Cincinnati Development Authority has released details of its “substantially completed” agreements with two private companies to operate Cincinnati’s parking meters, five downtown garages, and three surface parking lots.

The Port Authority’s agreement with Xerox State & Local Solutions is for 10 years, with a provision to extend it for up to two 10-year periods thereafter. Xerox will operate and maintain 4,900 parking meters in downtown Cincinnati and the city’s neighborhoods.

Cincinnati City Council voted earlier this year to give the Port Authority the responsibility of working out lease agreements with the two private companies. The city is to receive about $90 million in up-front money from the companies.